Depository Institutions Deregulation and Monetary Control Act
Other short titles
Depository Institutions Deregulation and Monetary Control Act of 1980
Consumer Checking Account Equity Act of 1980
Depository Institutions Deregulation Act of 1980
Financial Regulation Simplification Act of 1980
Monetary Control Act of 1980
Truth in Lending Simplification and Reform Act
Long title
An Act to facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes.
Reported by the joint conference committee on March 21, 1980; agreed to by the House on March 27, 1980 (380-13) and by the Senate on March 28, 1980 (agreed)
Signed into law by PresidentJimmy Carteron March 31, 1980
The Depository Institutions Deregulation and Monetary Control Act of 1980 (H.R. 4986, Pub.L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31.[1] It gave the Federal Reserve greater control over non-member banks.
It removed the power of the Federal Reserve Board of Governors under the Glass–Steagall Act to use Regulation Q to set maximum interest rates for any deposit accounts other than demand deposit accounts (with a six-year phase-out).[2]
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